Mortgage Xpress Inc., a Houston-based mortgage lender, has announced an amendment to its articles of incorporation to change its name to The Alternative Energy Technology Center Inc.Documents will be filed with the Financial Industry Regulatory Authority for approval. Mortgage Xpress said the name change, and a reverse stock split on a one-share-per-50-shares basis, will be effective when approved. The company estimated that the changes will take effect in about two weeks.
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The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.
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Both quasi-public mortgage investors have new requirements for when borrowers question valuations. Freddie Mac is expanding use of title insurance alternatives.
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